Credit Score: First of all find out the reason why CIBIL score is affected. For this you should get CIBIL report. For CIBIL report, you have to fill the online form by visiting its website.
Credit Score: If your CIBIL score has been affected due to some past mistakes, then you should think seriously towards improving it. If the CIBIL score does not improve, then you may have to face problems in taking loans in future. Now the question arises that what are the ways to improve the deteriorating CIBIL score and how can it be corrected. Come, let us discuss those measures today with the help of which you can improve your CIBIL score.
Call for Cibil report
First of all, find out the reason for affecting the CIBIL score. For this you should get CIBIL report. For CIBIL report, you have to fill the online form by visiting its website. Also have to pay. Once the one-time authentication process is successful, you can download the CIBIL score and report. It is also sent to your e-mail.
Where is the error in CIBIL score?
Your credit report contains complete information about your accounts such as bank accounts, loans and credit cards. If the information related to your identity and accounts in the CIBIL score is correct, then ‘DPD’ means the number of days delayed in the payment of credit card bills or any loan. The DPD tells how many days you have been late in paying your credit card dues or loan EMIs in a particular month. If it is more than ‘000’ then your CIBIL score gets affected. Apart from this, the information written under ‘Written-off’ or ‘Settled’ tells where you have defaulted in the past and this is also the primary reason for the decrease in CIBIL score.
What to do if CIBIL score is wrong?
Banks send your loan account or credit card information to CIBIL and sometimes there are mistakes in the reporting process. Due to these mistakes of banks, your credit score also decreases. Sometimes it is seen in the CIBIL score that the loan which you have repaid also shows outstanding or shows insufficient account balance.
Fill out dispute form
In such cases, you can present your case by filling the dispute request form on the CIBIL website. The Dispute Resolution Cell of CIBIL will consider the same and get in touch with the concerned lender in case of any particular loan account. It takes about 30 days to rectify the mistake in CIBIL score.
Identity is stolen
There are also some serious mistakes, like you have not taken any loan and that outstanding is showing in the CIBIL report. It could be a case of identity theft. CIBIL should be informed as soon as such cases are noticed. CIBIL also deals with such matters on preferential basis.
Complain here
In this context, also make a written complaint to the nodal officer of the bank that either the bank rectify the mistake or give full details about that wrong entry. If CIBIL or Bank does not respond to your request for 30 days, then you can complain to the Bank Ombudsman at www.bankingombudsman.rbi.org.in.
What to do to avoid mistakes?
After correcting the mistakes in CIBIL score, decide that you will pay the credit card bills and loan EMIs on time. Apply for a new credit card or loan anytime carefully. Due to all this, your CIBIL score will remain stable and there will be no problem in taking loan in future.
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